More than 50% of women control the household budget and retirement – ​​InsuranceNewsNet

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New research on the financial independence of women and HerMoney released today by the Alliance for Lifetime Income reveals that women break stereotypes and take control of their finances, their career and their future.

Almost all women who reported couple play a role not only in managing their household finances (94%), but also in the management of investments (94%) and, contrary to popular belief, in planning retirement (94%).

Women are proud of the financial decisions they’ve made, according to the first chapter of the State of Women in 2022 study. their finances (68%), pay off their debts (56%), buy a house (53%) and be able to talk openly about money (53%).

Mrs. Financially Independent is here to stay

However, in terms of love and money, most women prefer to keep the two separate. Among women couple, only a third (33%) have completely merged their finances with their partner. This trend seems to have staying power. Among unmarried women now, only 2% (2%!) Said they would merge all their money with a spouse or partner in the future.

Clearly, women have earned the title of “Ms. Independent” because even those in a relationship take on more financial responsibilities than their partners. More than half have primary responsibility for household finances (59%) and investments (51%), while almost half (48%) handle retirement planning for themselves and their partner.

On average, women who share financial management tasks with their partner bear more than half the responsibility for household finances (55% of work), investments (54%) and retirement planning (55% ).

How can they make it work? By dividing household labor more equitably. While some women in relationships say they take the lead on household chores (28%), the majority share or delegate responsibility for chores (66% and 6%, respectively) and home maintenance (lead 16%, 47% share and 37% delegate).

“It’s inspiring to see these women take the initiative not only to manage their household finances, but also to invest for the future and plan for retirement,” said Jean Statler, CEO of Alliance for Lifetime. Income. “This research clearly dispels an old belief that women are the financial managers of the household, but are somewhat lacking when it comes to investing and retirement planning. Women have more to lose because they are more likely to live longer, are traditionally paid less than their male counterparts, and must further increase their retirement income, which amplifies the risk and the possibility of running out of money. ensuring that our income lasts 20, 30 or more in retirement requires complex planning, so I tell all my female friends, “It’s time to take matters into your own hands and find a financial professional who looks out for your best interests”. financiers who ignore women do so at their peril.”

Women are now focused on getting ahead at work

Despite taking the reins of being financially independent, only 60% of women surveyed believe that their work is making progress in the way it supports women, and the pay gap is a major issue for many – a third (34%) know or suspect men to their companies earn more for the same jobs. For women who feel they are not well paid, one in six (17%) are suspected of being underpaid because of their sex.

Nearly two-thirds (63%) of women who work for others do not feel well paid and, notably, about two in five (39%) who are dissatisfied with their pay are considering seeking employment elsewhere. More than half (54%) of working people have not received a raise above the cost of living in the past two years.

“Women have really taken a leadership role as a financial home. What this new research shows is that we begin to apply the same initiative regarding money to work,” said Jean Chatzky, CEO of HerMoney and education researcher at the Alliance for income for life. “It’s really hard to separate your work and family life at the end of the day, so expect to see women continue on a path that the gathers One way that could appear this year. 100% employer should make progress in their support for women – and those who are not faced with the very real scenario in which women seek new employers that are. “

Dear Mrs. Independent, you can ask for help!

Working with a trusted finance professional is essential to crafting a successful financial plan that meets both short-term and long-term goals. Several of the free online tools from HerMoney and the Alliance can also help women take charge of managing their personal finances, including:

  1. MoneyType™ Personality Assessment
  2. HerMoney podcasts
  3. Women’s Financial Wellness Checklist
  4. RISE Score®
  5. Financial Planning Personality Quiz
  6. Find a financial professional

The status of women in 2022 is based on an online survey conducted in March 2022 among more than 1000 women members HerMoney community. They are between 18 and 75 years old, most have a college education and work full time. Two-thirds are married or in a couple.

About the Alliance for Lifetime Income

The Alliance for Lifetime Income is a Washington, D.C.-based, 501(c)(6) nonprofit educational organization that raises awareness and educates Americans about the value and importance of having income protected for life at the retirement. Our vision is of a country where no American will face the prospect of running out of money in retirement. The Alliance provides consumers and financial advisors with educational resources, interactive tools, and actionable research and information to use in developing retirement income strategies and plans. We believe that focusing attention and conversations on retirement income that lasts a lifetime leads to greater retirement security for millions of Americans.

About HerMoney Media

HerMoney is a new digital media company focused on improving women’s relationship with money. Launched by personal finance expert Jean Chatzky, HerMoney’s mission is to level the playing field when it comes to financial security, confidence and power with content that is welcoming, thought-provoking, bold, unbiased and always smart. HerMoney provides the information women need to manage their money so they can focus on their lives. HerMoney Media is the owner of HerMoney.com, as well as DailyWorth.com.

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